USD/CAD bounces off 1.3200, retakes 1.3260

By FXStreet FXStreet (Edinburgh) – The weakness of the greenback remains intact today, with USD/CAD regaining the 1.3260/65 band after briefly tested the 1.3200 neighborhood.

USD/CAD bounces off 1.3200

A better tone in the risk-associated assets since the European opening today has been bolstering the demand for the Canadian dollar, prompting sellers to drag spot to challenge the key 1.3200 support.

The dollar has found extra legs after the Fed’s Labour Market Conditions Index came in at 2.1 during last month, up from July’s 1.1. Next on tap will be the Consumer Credit Change, expected at $18.5 billion during July.

USD/CAD levels to consider

At the moment the pair is losing 0.39% at 1.3255 with the next support at 1.3201 (low Sep.8) followed by 1.3162 (low Sep.4) and then 1.3116 (low Aug.31). On the upside, a break above 1.3310 (high Sep.8) would open the door to 1.3327 (high Aug.31) and finally 1.3343 (high Aug.26).
For more information, read our latest forex news. …read more

Source:: FX Street